CHICAGO, IL - JLL Capital Markets announced today that it has closed the $42.26 million sale of the Michigan State Portfolio, a 292-unit, 524-bed portfolio of student housing communities located just a few blocks from the campus of Michigan State University in East Lansing, Michigan.
JLL represented the seller, DTN Management Company. Champion Real Estate Company acquired the asset.
The six fully furnished properties deliver amenities that include newly remodeled apartments, resident lounges with billiards and coffee bars, swimming pools, sand volleyball courts and exercise facilities.
The properties within the portfolio are located just north of Michigan State University’s campus at 635 Abbot Rd., 129 Burcham Dr. and 731-787 Burcham Dr. Residents of the properties are proximate to the campus population of approximately 50,000 students, over 200 academic programs and the vibrant nightlife along East Grand River Rd.
The JLL Capital Markets team was led by Senior Directors Stewart Hayes and Scott Clifton along with Managing Director Dave MacDonald.
“In the last 12 months, we have seen a tremendous amount of interest in student-housing opportunities proximate to Tier I universities as the asset class continues to be extremely resilient,” said Hayes. “Champion’s entrance into the East Lansing market expands the reach of its national student housing strategy and establishes a presence at Michigan State, a flagship Big Ten university with both world-class athletics and academics that also welcomed its largest freshman class ever this past fall.”